Obama Asks Congress for Debt Limit Hike
President Obama formally notified Congress on Thursday of his intent to raise the nation’s debt ceiling by $1.2 trillion, two weeks after he hadpostponed the request to give lawmakers more time to consider the action.
Congress will have had 15 days to say no before the nation’s debt ceiling automatically is raised from $15.2 trillion to $16.4 trillion.
In a letter to House Speaker John A. Boehner (R-Ohio), Obama wrote that ”further borrowing is required to meet existing commitments.”
In other words, we overspent and need to borrow another cool TRILLION dollars from our Chinese masters to cover the difference. Is this what it's going to be form now on? Borrowing a trillion dollars every year "to meet existing commitments?" What commitments are those anyway? More money for bankrupt "green energy" companies that happened to be owned by Obama's campaign bundlers?